ERA Real Estate announced yesterday that the Bulgarian property market during the last four months, 86% of property transactions were for real estate valued up to 70,000 euros. The majority of buyers are those who have proof of income and are needing to move or are first time buyers.

Teodora Dimitrova, speaking for ERA, said that about 200 of the company's real estate partners had closed down and property prices had dropped this year. She went on to say that the largest decrease in property prices was on off plan and buildings which had not yet completed their construction. Also adding that Bulgarian banks were lending no more than 60% of the property value.

Earlier this month, Address Real Estate said that there were less property transactions now, citing the banks' tightening on credit and buyers making offers of up to 20% below the asking price.

Most estate agents acknowledge that this is an excellent time to buy as numerous bargains are available to purchase and buyers have the upper hand.